<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
STATEMENT OF OPERATIOS AND BALANCE SHEET AND IS QUALIFIED IN ITS ENTIREY BY
REFERENCE TO SUCH (B) 10K
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                          14,141
<SECURITIES>                                    85,525
<RECEIVABLES>                                    2,075
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               101,741
<PP&E>                                          17,760
<DEPRECIATION>                                 (9,170)
<TOTAL-ASSETS>                                 110,331
<CURRENT-LIABILITIES>                            5,219
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           158
<OTHER-SE>                                     104,954
<TOTAL-LIABILITY-AND-EQUITY>                   110,331
<SALES>                                              0
<TOTAL-REVENUES>                                22,600
<CGS>                                                0
<TOTAL-COSTS>                                   34,396
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (11,796)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (11,796)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (11,796)
<EPS-PRIMARY>                                    (.76)
<EPS-DILUTED>                                    (.76)